FX Spot and FX Forward Outright Trading Conditions

For FX spot and FX forwards the trade tiles in Saxo’s trading platforms are colour-coded red (to sell) and blue (to buy) for all instruments where:

Prices are realtime

Market is open

Instruments are colour-coded grey where prices are not realtime, or the market is not open. Non-tradable instruments will have flat non-clickable tiles.

Order Driven Execution

Derive the value of potential price improvements on every trade. Assume greater control of your trading, and achieve an optimal balance between fill ratio and price level through our fully customised orders.

To learn more about how Saxo executes orders on behalf of its clients, please refer to our Order Execution Policy.

Bid/Ask Spread

Saxo provides access to a broad range of liquidity sourced from the largest financial institutions in the world.

A price is associated with an amount (liquidity). Saxo receive a Bid amount associated with a Bid price and an Ask amount associated with an Ask price. Different prices are provided for different amounts, known as price bands, and these bands vary depending on the currency pair. Spread is tightest in the smallest band.

At Saxo, FX spot trades do not settle. Instead, open positions held at the end of a trading day (17.00 Eastern Standard Time) are rolled forward to the next available business day. The rollover is made up of two components; the tom/next swap points (Forward Price) and the financing of unrealised profit/loss (Financing Interest). Read more about Financing.

Minimum ticket fee

Small trade sizes incur a minimum ticket fee of 10 USD. A small trade size is any trade below the commission threshold which for most currency pairs is 50,000 units of base currency, however variations occur. Full details can be found here.

Minimum trade size

Trades cannot be executed below the minimum trade size. Full details can be found here.

Forex Trading hours

Saxo is open for trading 24 hours a day, 6 days a week, opening on a Monday morning in Australia (05.00 Local Sydney Time) and closing on a Friday evening (17.00 Eastern Standard Time). However, some currencies have special trading hours as shown in the table below:

Currency cross

Trading Hours

RON

08:15 to 17:00 CET

ILS

07:00 to 17:00 CET

SAR, AED

07:00 to 15:00 CET

HRK

07:00 to 15:00 GMT

RUB

07:00 GMT to 19:00 GMT*

Precious metals (XAU, XAG, XPD, XPT**)

18:00 to 17:00 EST

* In instances where no liquidity can be sourced in the market, these trading hours may be further reduced on a day-to-day basis
** Special dates and times for FX Metals apply on U.S. national holidays to reflect the trading hours of the underlying futures market

Please note, FX spot, forward and option prices stop streaming from 1 minute before the end of the trading day (17:00 Eastern Standard time) and remain non-tradeable (grey pricing) for 5 minutes. This is normal behavior. Saxo want you to recognise that liquidity can be thin during this brief interval and encourage you not to trade at this time.

Special Dates and Times for FX Metals

Holiday

Date

Special Trading Hours

Martin Luther King Holiday 2017

16-Jan-17

Trading halt at 13:00 US EST,
Trading resumes at 18:00 US EST

President's Day 2017

20-Feb-17

Trading halt at 13:00 US EST,
Trading resumes at 18:00 US EST

Good Friday 2017

14-Apr-17

Closed

Memorial Day 2017

29-May-17

Trading halt at 13:00 US EST,
Trading resumes at 18:00 US EST

Independence Day 2017

04-Jul-17

Trading halt at 13:00 US EST,
Trading resumes at 18:00 US EST

Labor Day 2017

04-Sep-17

Trading halt at 13:00 US EST,
Trading resumes at 18:00 US EST

Thanksgiving Day 2017

23-Nov-17

Trading halt at 13:00 US EST,
Trading resumes at 18:00 US EST

Christmas 2017

25-Dec-17

Closed

New Year 2018

01-Jan-18

Closed

Please note Saxo FX Metals Trading hours follow the CME Group holiday calendar which is available on the CME Group public website.

FIFO

When netting open FX positions Saxo uses FIFO (First-In-First-Out) rules, which means that the first position that you open is the first position to be closed. This is provided that the positions are on the same account and that none of the positions have related orders attached.

Example: You are trading EURUSD and have opened the following positions:

1)

Buy 1M EURUSD

2)

Buy 1M EURUSD

3)

Sell 1M EURUSD

4)

Sell 2M EURUSD

Total

Sell 1M EURUSD

The first long position 1) will net out with the first short position 3), the second long position 2) will net out with half of the second short position 4), leaving only one short position of 1M EURUSD at the end of the trading day.

NOP Value

The NOP Value (Net Open Position Value) is the sum of all single currency exposures converted into the base currency of the account.

If the NOP value exceeds the NOP limit, you will only be able to place orders that close positions or reduce the NOP value. The breakdown of single currency exposures and the NOP value is displayed in the SaxoTrader platforms in the ‘Account Overview’.

FX Forward Outright Trading Conditions

Full electronic access to trade FX forward outrights in 100+ currency pairs with maturities from 1 day to 12 months.

Netting

When the value date of an open forward outright position equals the current spot value date, it will be treated as a normal spot positon. From that point on, positions held at the end of a trading day (17.00 Eastern Standard Time) are rolled forward to the next available business day. Read more about Financing.

Closed forward outright positions are netted out when the value date of the position equals the current spot value date i.e. the position is changing from a forward position to a spot position.

Forex Risk Warning

Forex is categorised as a red product as it is considered an investment product with a high complexity and a high risk.

Danish banks are required to categorise investment products offered to retail clients depending on the product’s complexity and risk as: green, yellow or red. For further information click here.

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